So a mining pool has thousands of miners all working for it. They find a block and the mining pool is responsible for paying out the individual miners' shares, and keeps (for example) 1% in fees.

How is the mining pool taxed for income when all individual miners are responsible for their own income tax?

Let me use an example.

Let's say we have Pool X and they're all mining Vertcoin. A block is found and 12.5 VTC is awarded to the mining pool. The current value in USD is $71.50.
Is the mining pool on the hook for realizing that $71.50 as taxable income? Even though they will eventually give it away to miners, who are then also expected to pay income tax on their shares?

Or is the pool only going to report their 1% fee as income?

In a normal business setting, an "employer" would have to receive a "contractor's" SSN and send them a 1099, but there's no way current mining pools do that, which means they might be responsible for that full amount, which worries me. How do they handle this?

Any advice or insight would be greatly appreciated. Thank you!

Just installed it tonight on Linux, no blockchain to download and was up and running in less than 10 minutes. A huge plus in my book. Low barrier to entry if you already have bitcoins to buy ARK with. The only downside is just googling "ARK" will bring up posts about the video game lol.

Initial impressions are positive on the front-end, but I'm still investigating the tech.

I can vouch for this method. You lose money with some transfer fees, but it's definitely the fastest way to get Bitcoins in under 10 minutes if you already have a Second Life account.

The second fastest way is to sell goods and services in the market here...
Use Bitcoin for its intended use! Provide something to the community and be honest, and you'll EARN Bitcoins!

I'm in a rough spot. Just got laid off from my company today and in desperate need of revenue.

So now I'm trying to make up for it by dusting off my old affiliate links, and the first one I can honestly recommend is Host Gator for web space. I've been using them for about 4 years now, and they have great tech support and reasonable rates. You get Cpanel, PHPMyAdmin, and all that good stuff.

If you are planning on getting hosting, I would please ask that you go through my site to try it:

http://bitcoinsurf.net

If you PM me, I can give you a custom coupon code that will give you an additional $9.94 off your order.

If you want to pay for hosting using Bitcoins, PM me, and we can discuss an exchange.

Any help would be greatly appreciated 

Making assumptions about some anonymous person on the Internet that you are arguing with really doesn't prove your point.


Ok so far you have slammed everyone with conservative viewpoints claiming their views are outdated and silly... What truth are you even talking about? The democrats had a majority in the House and Senate for most of the time between 1950-2000s so your graphs only prove that the policies that made the "rich richer" were created in an era when democrats were in power.

Source:
http://uspolitics.about.com/od/usgovernment/l/bl_party_division_2.htm

Paid John the end pot. Game is officially done and closed. Thanks for the fun times people. Maybe we'll meet again.

Sorry, just got your message. What was the pot at when the game ended?

+1




Because the rich want to pay for a country full of high deadbeats to get their master's degree, right.  

Let's face it, if taxes get raised for EVERYONE, it doesn't matter, because the politicians are just going to steal it... Left AND Right.

http://www.youtube.com/watch?v=s3Yv_g8Le1I

Petflix

I'm not saying break into their privacy. I'm saying: "Hey Mr. Webhost... The guy who ran this site disappeared and didn't pay for this year's hosting. Here's $20, put the website back online for a week so people can rightfully get their money out of their system." No personal information required, just get the site back online.

Ok, so I understand that Matt isn't investigating MyBitcoin anymore for some reason... Has anyone at LEAST called that Leaseweb host to see what the truth of this matter is? Seriously, we could all rest a lot easier if we all knew whether they took down the site for some legal reason, or if the owner of the site took it down themselves...

If they shut it down due to lack of funds because the guy didn't pay, then there's a chance that we could throw down $20 and get all of our money back.

Seriously folks.

I would be willing to put down money just to get the site back running for just 1 more week, IF the site can still put out bitcoins and the owner hasn't already run out with all of them.
Someone post contact info. Do we have a phone number or something to pay these guys to put the site back online?

Like I said, all the money was lost when MyBitcoin.com went down, so I don't have the money to pay the last person on the list. If the service comes back I will, but this was a problem beyond my control.

Ouch. Yeah, considering how much I paid for the source code and paying people for screwups, I've probably lost about 20 btc total running this game. All the fees I would have gotten were still in mybitcoin so those are all gone.

Game is suspended until we hear something about this. Goddamnitalltohell. I've lost everything  

I will pay back the last person in line if the service ever comes back, but I don't have any bitcoins left personally to pay it back now. Everything I had was in mybitcoin, which thankfully wasn't more than $20. But still.... F*ck.

Oh what the hell?! Mybitcoin.com, my main processor for the game, has been down since yesterday it looks like.

Does anyone have any news on what happened?!

Since I've had so many requests to lower the minimum, I've set it to 0.5 btc.

Hopefully this will spark more interest for people who don't have a lot to bet starting out.

I'm glad it's  been working out for everyone.

The timer at the top of the page seems to be buggy at the beginning of a new round and still says 0 for a few minutes after the new round begins....
Don't worry about that. It's more aesthetic and does not influence the game itself. All of the game's processing takes place behind the scenes in a separate script.

You'll know that a new round has started if you refresh the home page and the previous round has been cleared. Your bets will work like always.

The new game should start around 12:00:15 am EDT. Don't place any bets unless you clearly see that the previous round has cleared.

I am working on the timer script to figure out why it's buggy...I think it has to do with the switch from one week to the next at midnight. I'll keep you all updated if I manage to figure out what the deal is.

Someone PMed me that the timer was off? How off is it exactly? I wasn't online last saturday so I missed it but it looks like the game reset on schedule... so did anyone notice any problems?


Also, fixed topic title.

I don't know if it's been mentioned about costs, but I contacted a private mint, and they said for a custom silver coin, the minimum order amount is 500, and custom die making costs anywhere from $300-1200...

So to sell a custom silver coin, we would need at least 500 pre-orders, at the current spot price alone is almost $20,000...  So that might be why he hasn't released anything in silver yet.